Member Sign In

You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.

If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.

However, the company’s top line increased 11.7% year over year to $106,337 million, thanks to higher oil equivalent production.

Operational Performance

Exploration and Production: During the three-month period ending Mar 31, 2019, Sinopec’s crude oil production dropped a marginal 0.8% year over year to 70.81 million barrels. However, natural gas volumes rose 6.7% year over year to 255.79billion cubic feet. Domestic crude oil production increased 0.2% year over year to 61.55million barrels. Overseas volumes were down 6.7% year over year to 9.26 million barrels. Total oil and gas production increased almost 2% year over year to 113.46 million barrels of oil equivalent.

Realized oil price during the first quarter was $57.66 per barrel, down 3.6% year over year. However, realized natural gas price rose 12.6% year over year to $7.07 per thousand cubic feet.

Higher oil equivalent productions helped the segment report profit of 2.1 billion yuan against a loss of 318 million yuan in the year-ago quarter.

Refining: The Refining business saw a 2.7% year-over-year improvement in refinery throughput to 61.78 million tons. Production of petroleum products increased 3.8% from the prior-year quarter to approximately 39.44 million tons. Despite these improvements, the business reports a profit of almost 12 billion yuan, down from 19 billion yuan in the March quarter of 2018, owing to lower refining yield.

Marketing and distribution: The segment recorded a profit of roughly 8 billion yuan, down from almost 9 billion yuan in the year-ago quarter.

Notably, the company reported total quarterly sales volume of refined oil products at 49.74 million tons, up 5.4% year over year.

Chemicals: The segment’s operating profit declined to almost 7 billion yuan from 8.5 billion yuan in the year-ago quarter.

In the March quarter of 2019, production of ethylene increased 1.8% year over year to 3,049 thousand tons from 2,995 thousand tons. Also, production of Synthetic resin was 4,178 thousand tons compared with 4,117 thousand tons a year ago.

Operating Expenses Rise

In the first quarter of 2019, Sinopec reported total operating expenses at 692.7 billion yuan, reflecting an increase of 17% year over year. In details, rising exploration expenses – including dry holes – and higher costs related to the purchased crude oil, products and operating supplies drove total costs.

Capital Expenditure

Capital expenditures for the January-March quarter of 2019 totaled 11.914 billion yuan. Out of this, 5.562 billion yuan was spent on exploration and production.

Resources

Client Support

Follow Us

Zacks Mobile App

Zacks Research is Reported On:

Yahoo

MSN

Marketwatch

Nasdaq

Forbes

Investors.com

Morningstar

This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Verizon Media; Microsoft Corporation; Nasdaq, Inc.; Dow Jones & Company; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc.

At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +25.08% per year. These returns cover a period from January 1, 1988 through March 4, 2019. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.

Visit performance for information about the performance numbers displayed above.

We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms and Conditions of Service.